Both Allianz and the Suncorp-owned insurance firm MTA Insurance were found to have sold policies that clients were unlikely to be able to claim on, that they were already covered for under another policy, or that were more expensive than needed, the regulator found.
According to ASIC, this included the sale of life insurance to “young people who were unlikely to need the cover if they had no dependents”.
The refunds apply to premiums on Allianz’ motor equity insurance, loan protection insurance, tyre and rim insurance, and warranty insurance, as well as MTA Insurance’s MTA guaranteed asset protection insurance and MTA consumer credit insurance.
ASIC said it is working with both businesses to “see that improvements are made in the sale and design of add-on insurance products”.
And the individuals recommending and placing this insurance were Authorised Representatives of which AFSL ??????????
If these products are classified as “add on ” or credit insurance insurance and include any component of Life Insurance or TPD or similiar insurance cover then it should be immediately banned from any unqualified person in a car dealership providing any advice.
Was there a full needs analysis & fact find completed,comparison with other similiar products and a full SOA produced???? (rhetorical question).